Accounting Quiz 07

Which of the following is the external user of financial statements?

CEO of the business

Creditor of the business

Controller of the business

Manager of the business

Correct! Wrong!

Auditing is what?

Maintaining the ledger records

Reporting the financial information

Preparation financial statements

Examination of financial statements

Correct! Wrong!

In accounting an Economic event is referred to as:

Bank statement

Cash

Transaction

Exchange of money

Correct! Wrong!

Identify the correct sequence of accounting process

Communicating→Recording→Identifying

Identifying→communicating→recording

Identifying→recording→communicating

Recording→Communicating→Identifying

Correct! Wrong!

Bookkeeping mainly concerns with which part of accounting process?

Recording financial information

Analyzing

Preparing financial statements

Auditing the books of accounts

Correct! Wrong!

Which of the following is the internal user of financial statements?

Shareholder of the business

Creditor of the business

Manager of the business

Government agency

Correct! Wrong!

Financial accounting provides financial information to all of the following external users except:

Creditors

Government agencies

investors

Managers

Correct! Wrong!

_________ is the first phase of accounting cycle?

Preparing journals

Identifying an economic event or transaction

Posting entries to ledger accounts

Making decisions about business

Correct! Wrong!

For which step of accounting process the accountants of business entity prepare financial statements?

Making decisions about business

Recording financial information

Communication of financial information

Identification of economic event

Correct! Wrong!

Keeping the log of financial information in books of original entries is called__________?

Recording

Grouping

Processing

Summarizing

Correct! Wrong!

Accounting Quiz 07

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Accounting Quiz 07

Which of the following is the external user of financial statements?

Auditing is what?

In accounting an Economic event is referred to as:

Identify the correct sequence of accounting process

Bookkeeping mainly concerns with which part of accounting process?

Which of the following is the internal user of financial statements?

Financial accounting provides financial information to all of the following external users except:

_________ is the first phase of accounting cycle?

For which step of accounting process the accountants of business entity prepare financial statements?

Keeping the log of financial information in books of original entries is called__________?

About the author

Muhammad Arslan

Which of the following is the external user of financial statements?

Auditing is what?

In accounting an Economic event is referred to as:

Identify the correct sequence of accounting process

Bookkeeping mainly concerns with which part of accounting process?

Which of the following is the internal user of financial statements?

Financial accounting provides financial information to all of the following external users except:

_________ is the first phase of accounting cycle?

For which step of accounting process the accountants of business entity prepare financial statements?

Keeping the log of financial information in books of original entries is called__________?

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About the author

Muhammad Arslan